Scams are on the rise in Australia. As one of your biggest investments, super is often a target for scammers.

Our comrades at AustralianSuper clue you in on the top tips to protect yourself from financial scams. 

Learn how to spot a scam

Scammers are always finding new ways to target your assets and identity. They can take a sophisticated approach, appearing to come from a legitimate business – even using official-looking logos and addresses. They’ll often: 

• Say they’re from your super fund, bank, or a government agency
• Ask for personal information
• Offer help, such as withdrawing your super. This might be as one lump sum to an account that doesn’t belong to you, or as a withdrawal to a SMSF.

Look out for promises of early access to super and unrealistic investment returns, and only use licensed operators. You can verify licensed operators on the Australian Security and Investment Commission’s (ASIC) Connect website.

Be alert to scams during key periods

Scams can occur any time of the day or night and right throughout the year. However, there are some key periods to be especially alert. Scammers often try to take advantage of times when your guard might be down. Those include:

• When you’re expecting a delivery. Scammers are taking advantage of more people shopping online in 2020 and 2021. Missed delivery scams prey on people potentially awaiting delivery of an online purchase by encouraging you to select a link or download a malicious file. They’re then able to get your details or infect your device.
• When you’re trying to access your super. Early access to super rules were temporarily relaxed in 2020 because of COVID-19. As a result, scammers created fake offers to help people access their super. Once they had your personal details, they would then access your account and transfer your super to their own bank account. Look out for promises of early access to super and if you’re unsure about an email or phone call you’ve received, check with us directly. You can do this through mobile chat, social media or by calling 1300 300 273. 
• When you’re making a large payment or transfer online. If you’re making a large payment or transfer online, such as putting a deposit down on a car or house, always call the seller directly beforehand. False billing scams involve scammers posing as the seller and sending a fake invoice or requesting money to be transferred to a different bank account.

Read AustralianSuper's full article here. 

Sponsored by AustralianSuper. This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.

AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.